The Nation
MoneyGram, a leading global
money-transfer company, has announced that its international service
will be available in Myanmar and will be provided through an alliance
with three banks: Asia Green Development (AGD) Bank, Myanmar Citizens
Bank (MCB) and Tun Foundation Bank (TFB).
"We are happy to announce that we will
be reaching consumers in Myanmar through our alliance with these
exceptional bank agents," said Grant Lines, MoneyGram senior vice
president for Asia-Pacific, South Asia and Middle East.
Its money-transfer services will be offered in 10 of Myanmar's 14 states, giving consumers access to affordable remittances.
It is an important step for MoneyGram as
it increases its global footprint and makes services available to more
customers worldwide, he said.
MoneyGram's initial services in Myanmar
allow consumers to receive money securely from friends and family
through these three banks, which have locations across the country.
Each bank was selected for its
reliability and reputation: MCB is a public bank, TFB is almost 20 years
old and privately owned, and the parent company of AGD Bank owns the
largest chain of banking businesses in the region.
According to the World Bank, there were
more than 510,000 Myanmar emigrants living across the globe in 2010. It
is also estimated that about 2 million former Myanmar residents now work
in countries including Thailand, Singapore, Japan, Australia and the
United States. The move strategically positions MoneyGram to provide
services to previously underserved Myanmar customers, and aims to bring
customers closer through money transfers that can be made to and from
locations across the globe, it says.
With the launch of money-transfer
services at these three banks, Myanmar consumers can receive funds from
nearly 80 countries including Thailand, Malaysia, Japan, Singapore,
Canada, the United Arab Emirates and Britain.
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